NOAH HOLDINGS (06686) announced its annual financial results, with a net profit attributable to shareholders of 559 million yuan, a year-on-year increase of 17.5%. Overseas business has become a new growth engine.

NOAH HOLDINGS (06686) announced its annual performance as of December 31, 2025. The net revenue for the fourth quarter of 2025 was RMB 733 million, an increase of 12.5% compared to the same period in 2024, and a sequential increase of 15.9%. This was mainly due to the increase in performance incentive income generated by overseas private equity products in the fourth quarter of 2025. The operating income for the fourth quarter of 2025 was RMB 258 million, an 87.3% increase compared to the same period in 2024. This was primarily attributed to the 12.5% increase in net revenue and our cost control strategy for employee compensation in the fourth quarter of 2025. NOAH shareholders' attributable net income for the fourth quarter of 2025 was RMB 12.8 million, mainly due to the increase in loss from fair value changes of certain investments in affiliated companies in the fourth quarter of 2025. The total net revenue for the full year of 2025 was RMB 2.61 billion, a 0.4% increase compared to the same period in 2024. The operating income for the full year of 2025 was RMB 777 million, a 22.5% increase compared to 2024. This increase was mainly due to our cost control strategy for employee compensation. NOAH shareholders' attributable net income for the full year of 2025 was RMB 559 million, a 17.5% increase compared to 2024. This increase was primarily due to the decrease in loss from fair value changes of certain investments in affiliated companies and offsetting of expenses related to the Chengxing incident. As of December 31, 2025, the total number of registered clients was 467,870, representing a 1.3% increase compared to December 31, 2024, and a 0.4% increase compared to September 30, 2025. Among the registered clients as of December 31, 2025, the number of overseas registered clients was 19,993, a 13.2% increase compared to December 31, 2024, and a 2.3% increase compared to September 30, 2025. In the fourth quarter of 2025, the total number of active clients was 10,261, a 15.8% increase compared to the fourth quarter of 2024. Among the active clients in the fourth quarter of 2025, the number of overseas active clients was 3,263, a 12.0% increase compared to the fourth quarter of 2024. The total number of active clients for the full year of 2025 was 18,450, a 7.2% increase compared to 2024. Among the active clients for the full year of 2025, the number of overseas active clients was 6,231, a 12.4% increase compared to 2024. The total value of investment products distributed in the fourth quarter of 2025 was RMB 17 billion (USD 2.4 billion), a 4.4% increase compared to the same period in 2024. Among the investment products distributed in the fourth quarter of 2025, NOAH distributed RMB 88 billion (USD 13 billion) worth of overseas investment products, a 24.3% increase compared to the same period in 2024. This increase was mainly driven by a 28.9% increase in the distribution of overseas public fund products and a 28.4% increase in the distribution of overseas private equity securities fund products.